Title 11: Ch. 11, Sub. 2, Section 1128
(a) After notice, the court shall hold a hearing on confirmation of a plan.
(b) A party in interest may object to confirmation of a plan.
Explanation: Let's say you're the debtor and you have drafted a reorganization plan for your debts and estate. You give notice that you have the plan, which likely means you tell the court and any interested party/creditor. Then the court has a hearing, where anybody who has an interest can challenge your plan.
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Title 11: Ch. 11, Sub. 2, Section 1129 (Portion)
(a) The court shall confirm a plan only if all of the following requirements are met:
(1) The plan complies with the applicable provisions of this title.
(2) The proponent of the plan complies with the applicable provisions of this title.
(3) The plan has been proposed in good faith and not by any means forbidden by law.
(4) Any payment made or to be made by the proponent, by the debtor, or by a person issuing securities or acquiring property under the plan, for services or for costs and expenses in or in connection with the case, or in connection with the plan and incident to the case, has been approved by, or is subject to the approval of, the court as reasonable...
Explanation: This section of the bankruptcy code is telling you how and what factors will cause your plan to be approved by the court. There is only a brief portion included, and you should definitely read the full code. The key phrase is "only if all", meaning every single requirement has to be achieved in your reorganization plan. To read the full list of factors and this section, click U.S. Code.
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Title 11: Ch. 11, Sub. 3, Section 1141 (Portion)
(a) Except as provided in subsections (d)(2) and (d)(3) of this section, the provisions of a confirmed plan bind the debtor, any entity issuing securities under the plan, any entity acquiring property under the plan, and any creditor, equity security holder, or general partner in the debtor, whether or not the claim or interest of such creditor, equity security holder, or general partner is impaired under the plan and whether or not such creditor, equity security holder, or general partner has accepted the plan.
Explanation: If the bankruptcy court confirms the reorganization plan, everyone involved (debtor, lenders, interested parties, etc.) are bound by what it says. The rest of this section not included here talks about timelines, property etc. To read this, click U.S. Code.
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Title 11: Ch. 11, Sub. 3, Section 1142
(a) Notwithstanding any otherwise applicable nonbankruptcy law, rule, or regulation relating to financial condition, the debtor and any entity organized or to be organized for the purpose of carrying out the plan shall carry out the plan and shall comply with any orders of the court.
(b) The court may direct the debtor and any other necessary party to execute or deliver or to join in the execution or delivery of any instrument required to effect a transfer of property dealt with by a confirmed plan, and to perform any other act, including the satisfaction of any lien, that is necessary for the consummation of the plan.
Explanation: The reorganization plan is going to have certain actions that must be completed by parties, such as the debtor, lenders, and so forth. Once confirmed, the plan is achieved by the parties carrying out those actions. The court can order property transfer to help achieve the plan's completion.
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